A free-of-cost medium that let opinions and facts be spoken and heard through spoken audio content in the form of theme-based episodes are called podcasts. They can be accessed anywhere and at any time. Podcasts also empower the listeners with an opportunity to hear opinions on individuals and topics that they may not otherwise hear.
Podcast content can be both – completely improvised or scripted. Concerns ranging from scientific research to slice of life topics – all are raised and talked about in these podcasts.
How are podcasts gaining momentum in India?
Although in the USA, the consuming time of an average person for podcasts per week is 7 hours, which is quite high, India has also emerged as a major consumer of podcasts with a lot of people now creating and listening to podcasts on a regular basis. With 57.6 million people listening, India is now the 3rd largest listener of podcasts after the USA and China.
More than 25,000 podcasts were added in 2020 to the podcast making platform, Anchor (which is owned by Spotify) in India. Indian Vox Media is a podcast platform started in 2015. Its listeners grew over 30% during the lockdown. The reason for this growth can be attributed to the non-intrusive nature of podcasts, which means that engagement required to listen to them is relatively low when compared to watching some kind of video or a web series. The average number of podcasts listened to at IVM is over 7 per week, which can be considered quite an extraordinary number.
More than 200 million active users are catered monthly by these podcasts, with 40 new start-ups entering into the podcast business recently. Podcast lists can even be curated specifically for a user, which is done by the use of AI. The lockdown imposed recently in wake of the Covid 19 pandemic was a major reason for the increase in the number of listeners of podcasts in India and over the World too.
Can podcast passion be changed to monetisation?
The best amalgamation of monetization and the digital world can be seen in the form of podcasts that let you publicise content and entertain people at the same time. Podcast advertising has grown in popularity in recent years, with many brands and corporations utilising it to acquire new monetising methods. Listener donations, membership, sponsorships, and subscriptions are some of the most popular ways podcasts help generate income after you have established a good audience.
Deloitte gave a report in 2019 which stated that the podcast business could reach $3.3 billion in value by 2025. The Indian podcast market itself will be valued at 17.73 Cr INR by 2023, with a compound annual growth rate of 34.5%. Over 40 podcast companies offer their services in the multi-language format in India. These podcast platforms are still experimenting and trying to find the right market positing to generate revenue, as most of their services are free for the users such as creation, upload, listening, distribution and editing of podcasts. They have raised funds from Indian and investors present Worldwide. This means the market is getting big and chances to monetise the business are great.
Would this uptrend of podcasts add any value to your life?
The best way to understand podcasts is to tune in and listen to a few that might interest you. In this way, you will either discover your passion for making podcasts or a new hobby as a listener to keep yourself engaged. Give podcasts a head-start today with ‘The Influencer Talks’ and engross yourself into motivating stories that would not just keep you engaged but motivated.
